U.S. Century Bank (USCB), one of the largest Hispanic-owned community banks in the state, reported today a net income of $998,000 for the nine months ended September 30, 2016. This reflects a significant improvement compared to the $6 million loss during the same period last year.
| For the nine months ended | ||
| (in 000's) | September 30, 2016 | September 30, 2015 |
| Net Interest Income | $ 22,280 | $ 21,052 |
| Total Assets | $ 896,523 | $ 909,022 |
| Total Loans, net | $ 701,406 | $ 717,008 |
| Total Deposits | $ 748,568 | $ 795,863 |
| Non-performing Assets | $ 17,355 | $ 44,193 |
“Profit from core operations are consistent and strongly trending up,” stated Luis de la Aguilera, president and CEO. “Stronger asset quality is driving significant improvement compared to the first nine months of last year.”
At the end of the third quarter 2016, nonperforming assets were reduced by more than $25.0 million to $17.4 million; OREO property was less than $5.0 million.
“We have a team of experienced bankers that understand the South Florida market and the challenges that businesses face,” commented de la Aguilera. “What makes us unique is our engagement in a customer’s business. Our new loan products and treasury services inspire businesses to achieve more.”
In June, the bank announced the expansion of its residential mortgage product line to include 30- and 15-year fixed and adjustable rate mortgages, as well as a first-time home buyers program. Also relaunched were Home Equity lines.
The bank’s performance has also been recognized by BauerFinancial, Inc., a source for unbiased and independent bank and credit union star ratings. It recently raised USCB to a 3-star rating, out of a possible 5-star rating, in the second quarter.
"We are pleased with the progress made towards improving profitability and have plans to continue the positive momentum,” stated Alex Acosta, chairman of the board. “The replacement of poor performing assets with high quality loans will favorably impact performance, as will our strategies to become a stronger competitor in the markets we serve.”
The bank’s capital ratios remain above the minimums required by regulators to be designated a well-capitalized bank.
About U.S. Century Bank
Established in 2002, U.S. Century Bank is one of the largest community banks headquartered in Miami, and one of the largest Hispanic-owned community banks in the state, with assets of almost $1 billion. Through its network of 17 branch locations and its online banking platform, it offers its customers a wide range of financial products and services. U.S. Century Bank has received awards and accolades from numerous organizations for its philanthropic support and leadership, including the Beacon Council, Greater Miami Chamber of Commerce, South Florida Hispanic Chamber of Commerce, Latin Builders Association, March of Dimes and others. For more information or to find a U.S. Century branch near you, please call (305) 715-5200 or visit www.uscentury.com.
